Insurances losses from the east coast storm which hit four states early this month have more than tripled over the past week to $235 million.
Almost 32,000 claims across Queensland, New South Wales, Victoria and Tasmania have been received by insurance companies, according to the Insurance Council of Australia (ICA).
Insurers have been getting very large claims for commercial and marine damage, substantially lifting overall losses.
About three-quarters of all claims are domestic and mainly relate to typical storm damage.
“Under the ICA’s catastrophe declaration, insurers have mobilised their resources to help their customers,” says council CEO Rob Whelan.
Suncorp says it has received 8,000 home, motor and commercial claims. It says the total financial impact of the storms is expected to be in the range of $60 million to $80 million.
A short time ago, its shares were down 1.1% to $11.86